Proceeds from Notes Payable On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 30-day note with a face amount of $86,400. Assume a 360-day year. Required a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. 86,976 X b. Determine the proceeds of the note, assuming the note is discounted at 8%. 85,824 Foodback Chack My Wark The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash or merchandise